Atrium European Real Estate Limited (Atrium) has completed the sale of Atrium Militari shopping center in Bucharest, Romania, to MAS Real Estate for €95 million.
The divestment of Atrium’s only shopping center in Romania is part of the company’s ongoing strategy to re-balance its portfolio towards Central Europe’s strongest economies and to focus towards larger scale, well established shopping centers in strong urban locations which dominate their catchment areas.
Liad Barzilai, Chief Executive Officer of Atrium Group, commented: “This disposal sees Atrium cease its operational activities in Romania and further increase its portfolio weighting towards Poland and the Czech Republic, where we have significant critical mass and are better placed to benefit from leveraging efficiencies, sustainable growing cash flows and economies of scale.”
Located near the M3 metro line and the A1 highway in Bucharest, Atrium Militari shopping center has a catchment of around 294,000 people within a 45-minute drive.
The project opened in 2009 and has a gross rentable area of 56,416 sqm, of which 53,66 sqm comprises of retail and 2,750 sqm of office space. Its tenant mix features a wide range of lifestyle and fashion brands, home, DIY and electronics stores, restaurants and services. Major tenants include H&M, Reserved, Deichmann, C&A, dm drogerie markt, Altex, Koton, JYSK, Adidas, Flormar, LC Waikiki, PEPCO, New Yorker, Takko and Praktiker.